Japan’s Coincheck to combine with SPAC Thunder Bridge in $1.25 billion deal

Coincheck Inc., a cryptocurrency marketplace and digital asset exchange that’s a unit of Japan’s Monex Group, said Tuesday it has agreed to a business combination with special purpose acquisition corporation Thunder Bridge Capital Partners IV Inc.
THCP,
+0.31%
in a deal with a value of about $1.25 billion. Once the deal closes, the combined company will become a public holding company domiciled in the Netherlands with Coincheck as its wholly owned subsidiary. The new company will be renamed Coincheck Group N.V. and be listed on the Nasdaq under the ticker “CNCK.” The deal is expected to close in the second half. The new company will have $237 million in cash. “Coincheck is a leader in the Japanese cryptocurrency industry, operating a platform with the largest number and most diverse array of coins in Japan,” the companies said in a joint statement. The company has about 1.5 million verified customers. It will continue to be led by Oki Matsumoto, as executive chairman, and Gary Simanson as CEO.